Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395

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What is Personal Loan EMI?
Personal Loan EMI is the amount payable every month until the end of the loan repayment tenure. The EMI amount includes both the principal and interest component of the personal loan. Borrowers have to pay this amount every month until the entire loan amount is repaid in full. Note that the EMI will remain the same throughout the loan tenure in case of fixed rate personal loans like SBI Personal Loan.
What is SBI Personal Loan EMI Calculator?
SBI Personal Loan Calculator is an online tool offered by the State Bank of India, using which the prospective personal loan borrowers can calculate the loan installment amount that they are required to pay every month. The EMI amount of personal loan may vary based on the interest rate, loan amount and repayment tenure chosen by the borrower. Borrowers can also use Paisabazaar’s EMI Calculator for Personal Loan to choose the optimal tenure and EMIs for their SBI Personal Loan depending on their repayment capacity.
How to Choose Rate of Interest for SBI Bank Personal Loan EMI Calculator?
SBI Personal Loan EMI Calculator offers the option of choosing ROI from a wide range of interest rates. Prospective borrowers can choose different combinations of loan amounts, interest rates and repayment tenures to find specific EMIs for each combination. That said, the final SBI Personal Loan interest rates offered to the applicants will be based on SBI Personal Loan Eligibility, which depends on a several factors such as the monthly income, age, credit score, age, repayment capacity, occupation profile, etc.

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Comparing Personal Loan Interest Rates offered by Top Banks & NBFCs
The following table shows the comparison of personal interest rates and EMIs offered by top banks and NBFCs so that you can choose the best rate on offer. Further, use Paisabazaar’s personal loan EMI calculator to calculate and compare EMIs against different interest rates. This would help you to find the optimum loan tenure based on your repayment capacity.
Banks/NBFCs | Interest Rates(p.a.) | |
HDFC Bank | 10.50% onwards | Apply Now |
Axis Bank | 10.49% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
ICICI Bank | 10.50% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Note: Interest rates as of 30 November 2023
Also Check: Which banks or NBFCs are offering low interest rate on personal loans?

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Fees & Charges related to SBI Personal Loan EMI
Personal loans availed from SBI would attract the following charges on failing to repay the EMIs by the due dates:
Penalty for failure in making on time EMI | Rs. 250 (for every EMI dishonour) In case of standing instruction (SI)/ cheque/ ECS bounce, legal action u/s 138 of the Negotiable Instruments Act, 1881 may be initiated. |
Cheque Bounce Charges | Rs. 250
Note: If a cheque bounces due to technical reasons where a customer is not at fault, no charges will be levied as per RBI guidelines. |
Penal Interest | For loans above Rs. 25,000, penal interest @ 2% per month, over and above the applicable interest rate, is levied on the overdue amount for the period of default.
Note: If only a part of EMI remains overdue, then penal interest will not be levied. |
Also Know: What are the pre-closure charges for SBI personal loan?

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Factors Affecting SBI Personal Loan EMI
Rate of Interest
SBI Personal Loan interest rates start at 10.55% p.a. By availing personal loans at lower interest rates, consumers would have to pay lower EMIs and interest costs. Whereas, by availing personal loans at higher rates, consumers would have to pay higher EMIs and interest costs. That’s why, it is necessary to compare personal loan interest rates offered by the top lenders before applying for SBI Personal Loan.
Repayment Tenure
SBI offers personal loans for repayment tenures of up to 5 years. By availing personal loan for longer repayment tenures, the consumers would have to pay lower EMIs and vice versa. That said, the total interest cost of their personal loan might also increase. In that case, using a personal loan EMI Calculator would be highly beneficial in finding the optimal repayment tenure for a personal loan based on the borrower’s repayment capacity.
Loan Amount
Applicants can avail SBI personal loans for up to Rs 20 lakh. A higher loan amount lead to higher EMI and total interest cost. Prospective personal loan borrowers looking for SBI Personal Loan of Rs 10 lakh or any other amount should also know that their eligibility for personal loan amount primarily depends on their monthly income, existing loan repayment obligations and EMI/NMI ratio — the proportion of net monthly income spent on servicing your existing EMIs as well as the EMI of the new loan. Also note that lenders usually prefer to approve personal loans to applicants having EMI/NMI ratio of up to 50-55%. Other factors that would influence their loan approval process include their credit scores, occupation and employer’s profile.

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What are the Benefits of Using SBI Personal Loan EMI Calculator?
Some key benefits of using SBI Personal Loan EMI Calculator are:
Quick and Accurate Results
SBI Personal Loan EMI Calculator helps prospective customers to find their personal loan EMIs without performing complicated calculations using complex formulas. In addition, this EMI Calculator also provides accurate monthly installment amounts as there is no scope of manual calculations.
Budget Management
Because the EMI amount for personal loans availed at fixed interest rates remain constant during the entire tenure of the loan, the applicants can use SBI Personal Loan EMI Calculator to find the exact amount they have to repay every month. This way, they also get the chance to adjust their monthly expenses accordingly to fit in the EMI amount.
Healthy Credit Score
Personal loan applicants who use the SBI Personal Loan EMI Calculator to calculate their monthly installments would be better prepared when it comes to managing their finances for loan repayments within the given tenure. Such applicants would also have fewer chances of defaulting on their EMIs, which in turn will help improve or maintain their credit scores.
Improve Personal Loan Eligibility
Lenders usually approve the personal loan applications of applicants whose total EMI obligations, including that of the proposed loan EMI, does not exceed 50-55% of their total monthly income. Using SBI Personal Loan EMI Calculator will also give the prospective loan applicants a fair idea of their EMIs. The applicants exceeding the mentioned limit would be able to reduce the EMI when making their personal loan application. Along with improving the eligibility, it will also help the prospective applicants to improve their chances of getting their personal loan approved.
Bottom Line
Considering the above-mentioned factors, prospective personal loan applicants can use the SBI Personal Loan EMI Calculator to determine the optimum tenure and EMI for their SBI Personal Loan based on their repayment capacity. They can also use the Paisabazar’s Personal Loan EMI Calculator to find and compare the personal loan EMIs of other lenders as well.

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FAQs
1. Which method of EMI calculation does SBI use?
Ans. SBI uses reducing balance method for calculating the personal loan EMIs. Under this method, interest is calculated on the outstanding loan amount and not on the total principal. This leads to a lower interest cost than loans quoted at flat rates.
2. Can I prepay my SBI personal loan?
Ans. Yes, you can prepay or foreclose your SBI personal loan, subject to the applicable prepayment charges.
3. In case of prepayment, will my EMI on SBI personal loan change?
Ans. When you prepay, the outstanding principal amount reduces. Here, in this case, customers may be asked to choose to reduce either their loan EMIs or tenure. So, the choice is yours if you want to change your EMI in case of loan prepayment.
4. How can I reduce my SBI personal loan EMI amount?
- Partly prepay your personal loan – Doing so will not only reduce your personal loan EMI but also the total interest pay out, provided the tenure remains unchanged.
- Transfer your outstanding loan to another lender offering lower interest rate, longer tenure, or both – The lower personal loan rate will not only reduce your monthly payments but also the overall interest cost, if the tenure of the new loan remains the same as the residual loan tenure of the original loan.
5. How can I arrive at the right EMI amount for my personal loan?
Ans. Check your unavoidable expenses, pre-existing EMIs, average credit card dues and monthly investment contributions towards your crucial financial goals. For increasing the chances of loan approval, ensure to keep your total EMIs, including the SBI personal loan EMIs, within 50% of your Net Monthly Income.
6. What is the EMI for Rs 10 lakh SBI Personal Loan?
Ans. At the current SBI interest rate of 11.00% p.a., the Rs 10 lakh personal loan EMI by SBI across various tenures will be as below:
Tenure | EMI |
1 year | Rs 88,144 |
2 years | Rs 46,371 |
3 years | Rs 32,498 |
4 years | Rs 25,599 |
5 years | Rs 21,489 |
7. What is the EMI for Rs 10 lakh SBI Personal Loan?
Ans. The EMI on Rs 10 lakh SBI personal loan will depend on the interest rates charged by the lender for the loan tenure availed by you. Assuming you availed SBI personal loan at 11% p.a., the Rs 10 lakh personal loan EMI by SBI across various tenures will be as below:
Loan Amount | Interest Rate | Tenure | EMIs |
Rs 10 lakh | 11% | 1 year | Rs 88,144 |
Rs 10 lakh | 11% | 2 years | Rs 46,371 |
Rs 10 lakh | 11% | 3 years | Rs 32,498 |
Rs 10 lakh | 11% | 4 years | Rs 25,599 |
Rs 10 lakh | 11% | 5 years | Rs 21,489 |